Japanese Internet Giant Licensed to Issue First JPY-Pegged Stablecoin in New York

The New York Department of Financial Services has issued a trust charter to GMO-Z.com Trust Company, allowing it to “issue, administer and redeem" Japanese yen (JPY)- and U.S. dollar-pegged stablecoins in New York.

• The regulated JPY-pegged stablecoin will be the first of its kind available to the public.
• GMO is a Tokyo-based internet conglomerate and said it is the world's largest online FX trading platform.
• The charter makes GMO one of only 27 companies licensed in New York to engage in virtual currency activities.
• “We’re breaking ground with our move to issue the first regulated JPY-pegged stablecoin, which many see as a safe-haven asset,” said Ken Nakamura, president and CEO of GMO-Z.com Trust Company, in a statement.